Binary options trading provides wider opportunities for investors. This instrument has long been recognized in developed markets and is used by many traders. However, the lack of the answer to the question: “Is options trading Halal?” impedes on the popularity of this instrument on Islamic markets. It is still not clear whether binary options trading is allowed by Sharia. Some people believe it is Haram (not Sharia-compliant). At the same time, many believe that binary options trading is Halal, if an investor recognizes the risks involved. Traders Union analysts researched the intricacies of this issue.
How can you tell whether binary options trading is Halal?
Binary options trading is based on predicting the movement of an asset price. If an investor’s prediction is correct, he earns a profit. If the prediction is incorrect, the trader will end up losing his investment. It is a high-risk instrument, and there is no third outcome option. This is what confuses traders in Islamic markets. Some investors believe this type of trading is Haram, as it is similar to gambling at a casino.
However, supporters of binary options deny similarity with gambling, because predicting an asset price movement implies a certain level of skill. The other factor in favor is that many countries with Islamic traditions, such as Saudi Arabia, UAE, Turkey, and Pakistan, have allowed binary options trading.
Top 8 apps for binary options trading
Traders Union experts selected 8 best binary options apps, offering users access to binary options trading of a wide range of assets:
- Pocket Option
- Raceoption
- IQcent
- VideForex
- Binary.com
- IQ Option
- ExpertOption
- Binomo
Using these mobile apps, investors can trade whenever and wherever they want. The demo accounts for beginners provide an opportunity to learn and practice binary options trading before investing your own money.
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